Indian dairy group Kwality has attempted to cool claims it is in talks to sell a stake in the business – although the company has admitted it is looking to raise funds for expansion.
A report in The Times of India said Kwality, which owns brands including Dairy Best, was in negotiations to sell up to 15% of the firm to Rabo Equity Advisors, the private-equity arm of Rabobank.
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However, publicly-listed Kwality said there had been “no discussion with Rabo Equity Advisors in recent months to offload our stake”.
In a statement to the Bombay Stock Exchange, Kwality said: “Our company is in phase of expansion, and is scouting various opportunities to raise funds through debt/equity. But so far nothing has been finalised. We are speaking to some funds/investors but these discussions are at early stage and no negotiations have happened or proposal for investment has been received.”
The company added its AGM, held in September, had passed a resolution to raise funds through “various instruments” including through equity up to a limit of INR10bn (US$160.6m).
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